Although the European economic crisis continues to dominate headlines, over the past week investors saw some welcome relief. Thanks to a three-day string of gains during the middle of the week, the Germany ETF was actually able to score a spot among the week's winners.

News that a consortium of central banks is planning to step in to provide assistance to the EU may help ease some of the pressure facing this region. However, in the near term, I continue to urge investors to steer clear of the eurozone. Jittery action will likely persist here.

Investors turning to IAT for regional bank exposure should use caution. The fund's index is noticeably top-heavy, dedicating nearly a third of its portfolio to its two largest positions: US Bancorp ( USB), and PNC Financial Services ( PNC) . Investors looking for a more diversified option may want to consider opting for the SPDR KBW Regional Banking ETF ( KRE).

No matter the fund you prefer, I encourage investors to approach IAT, KRE, and any other ETFs linked to the financial industry with caution. As analyst and market commentators continue to debate the state of the global recover picture, this region of the markets will likely continue to behave in a volatile manner.

Losers

The VIX-tracking VXX gave back a notable chunk of last week's gains as fear fell by the wayside and investors regained a taste for risk.

The turmoil facing the EU and other corners of the globe will likely continue to command headlines as we head into the next week. I urge investors to stand by their defensive holdings. Safe haven asset classes will prove beneficial in the event that volatility makes a comeback.

The junior gold miners managed to witness a bit of a comeback at the close of the week. However, it was not enough to keep GDXJ from scoring a spot amongst the ETF industry's biggest losers.

Gold will likely continue to generate interest in the days ahead as the investing public seeks out safe havens to protect against the macroeconomic issues facing regions of the globe. Investors clamoring for exposure to GDXJ should keep any exposure small and focused. These small miners tend to be inherently more volatile than their large-cap cousins.

ndonesia is an example of a nation that has taken a hit as investors, fearful of the economic turmoil facing Europe and other regions of the developed world, shun volatile emerging markets.

Looking ahead, IDX may be an interesting fund to keep an eye on. Although it has run into weakness recently, prior to this current bout of choppy action it was an impressive performer. In the event that confidence makes a sustained comeback, the fund may be in store for a reversal.

We sat down with ETF trailblazer Deborah Fuhr, who's been in the industry for over 20 years. We talked about everything from today's trends to the over 7000 different products to helping women in the industry. Watch now! (Video and Podcast)